Yankees Sign Andy Pettitte

3:11pm: The Yankees announced today that they signed Pettitte to a one-year deal. The AP says Pettitte is guaranteed $5.5MM and could reach $12MM with incentives. The move should allow the Yanks to move Joba Chamberlain to the fifth starter role, with various other young pitchers ready to step in as needed.

A note from the conference call: Brian Cashman says not to expect any more moves of significance.